申万宏源 研究 如何快速定位你要的 = TF? 股票 2 债券型 ETF 商品2 t - This and 其中,每一类ETF都可以按照投资策略进一 步细分。以股票型ETF为例,包含宽基指数、行 业主题、风格因子、投资概念、海外投资等多种 分类。目前，我司官方APP"申万宏源申财有 道"的ETF专区中，已经上线了ETF筛选器功能， 具体路径为: 理财-ETF专区-ETF筛选器, 可以帮 助投资者快速找到自己希望查询的品类和该品类 下有哪些ETF产品: IFFX 指数 © 费率优惠( 盘中预点 举例来说,如果投资者希望找到带有"红 利/股息"标签的产品,可以直接点击ETF筛选器 页面的"筛选"，选择"红利/股息"标签，即 可得到所有带有这一标签的产品列表，如下图： 近年来,国内ETF(交易型开放式指数基 金)市场火热,受到了投资者的广泛关注。但如 何选到一只心仪的、优质的ETF产品,可并不是 一件简单的事情。主要可以分为两步走： 确定好自己希望投资的ETF品类 按照投资标的划分,ETF可以分为股票型、 债券型、货币型和商品型。 确定好自己希望投资的ETF品类 在同一品类下选出更好的产品 对于投资者来说，应该结合 ...

Core Viewpoint - The article discusses the performance and ranking changes of the top ten listed securities firms in China for the year 2024, highlighting shifts in profitability and business performance across various segments [1][4]. Group 1: Performance Overview - As of April 22, 2024, 26 listed securities firms have released their annual reports, with all major firms disclosing their results, revealing a new ranking among the top ten [1]. - The top ten securities firms by net profit attributable to shareholders are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy Securities, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, with a total net profit of 106.48 billion yuan, accounting for 64% of the industry's total net profit [4]. - CITIC Securities stands out with a significant lead, reporting 63.79 billion yuan in revenue and 21.70 billion yuan in net profit, while the other firms are grouped closely behind [4]. Group 2: Business Segment Analysis - Proprietary trading has become a key performance driver for the top firms, with total proprietary income reaching 122.15 billion yuan, representing 38% of total revenue, an increase of approximately 6 percentage points from the previous year [6]. - Brokerage business has shown recovery, with the top ten firms generating 64.29 billion yuan in brokerage fees, a year-on-year increase of 10% [7]. - Asset management performance varied, with five firms reporting positive growth, notably Guosen Securities with a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [7]. Group 3: Strategic Developments - The industry is undergoing a transformation, with a focus on building first-class investment banks, as emphasized by major firms during their earnings calls [9][10]. - CITIC Securities plans to balance internal growth with external expansion to maintain its leading position, while Guotai Junan aims to leverage its stronger client base post-merger to enhance competitiveness [9]. - CITIC Construction Investment has outlined a two-step roadmap to strengthen its domestic and international competitiveness by 2035 [10].

Core Viewpoint - Shenwan Hongyuan Securities is facing increasing regulatory scrutiny and penalties due to violations in its investment banking operations, with a total of seven fines issued in the past six months, raising concerns about its compliance and operational integrity [2][3][7]. Group 1: Regulatory Actions - On April 18, the Shenzhen Stock Exchange announced self-regulatory measures against Shenwan Hongyuan's investment banking division and its representatives for failing to adequately supervise the IPO project of Hainuoer Environmental Industry Co., Ltd [2][3]. - Shenwan Hongyuan has received two fines within a month, with the first being a reprimand from the Shanghai Stock Exchange for inadequate performance of sponsorship duties related to Guohong Tools' IPO [3][5]. - The company has been involved in multiple securities fraud disputes since 2024, with five cases reported [8]. Group 2: Management Changes and Challenges - Wang Zhaoping, the former deputy general manager of Shenwan Hongyuan's investment banking division, was detained by regulatory authorities in September 2024, leading to increased scrutiny of the firm's operations [5][14]. - Zhang Jian, who became the general manager of Shenwan Hongyuan Securities in February 2024, has emphasized the need for strict penalties against intermediaries for non-compliance and misconduct [10][14]. - The investment banking division's revenue has significantly declined, with a 73.3% drop in equity financing revenue, resulting in a net loss of 480 million yuan for the year [11][12]. Group 3: Compliance Issues - Shenwan Hongyuan has been criticized for failing to conduct thorough due diligence on companies it sponsored, leading to issues such as financial misrepresentation and inadequate internal controls [4][7]. - The company was penalized for not fulfilling customer identity verification obligations and for engaging in transactions with unidentified clients, which raises further compliance concerns [11][12]. - The ongoing regulatory challenges and management changes have cast a shadow over Shenwan Hongyuan's reputation in the investment banking sector, particularly in its strengths in the New Third Board and Beijing Stock Exchange [11][14].

Core Viewpoint - The bond market has experienced a rapid shift in investment sentiment since 2025, moving from cautious to pessimistic and then back to optimistic, influenced by various factors including funding conditions and global trade policies [3]. Group 1: Market Conditions - In January and February, the main issue for the bond market was tight funding, while March saw a relaxation in funding but still required market adjustments [3]. - The implementation of the U.S. de-globalization tariff policy in April has amplified market volatility, leading to a noticeable acceleration in market trends [3]. Group 2: Conference Details - A forum titled "Investment Strategies in a High-Volatility Bond Market" is scheduled for April 24, 2025, from 13:30 to 17:00 at the Crowne Plaza Hotel in Shenzhen [5]. - The agenda includes discussions on various topics such as funding central repositioning, new interpretations of term spreads from a conditional probability perspective, and the outlook for structured monetary policy tools [5].

以下文章来源于申万宏源固收研究 ，作者申万宏源固收研究 申万宏源固收研究 . 申万宏源证券研究所债券研究部 敬启者： 2025年以来，债券市场投资情绪迅速转向谨慎甚至短期悲观又再度转向乐观。1 -2 月资金紧是债市运行主要矛盾， 3月资金放松但债市 仍自发调整，4月美国逆全球化关税政策再度放大债市波动，市场行情明显加速。本次论坛交流会聚焦"高波动债券震荡市下的投资策略探 讨"，盛情邀请您参加！ 会议安排 https://m.meetingmeet.com/h5/meetingindex/home/6c9672ddb1a14f36b23f06309af8fbce 诚挚邀请贵单位人员参加会议。为便于会务安排，请您于4月23日前通过扫描页面左下方二维码报名。 上海申银万国证券研究所有限公司 (隶属于申万宏源证券有限公司) 2025年4月 会议时间：2025年4月24日（周四）13:30-17:00 会议地点：深圳好日子皇冠假日酒店（深圳市福田区福华一路28号） 会议邀请函： 会议议程： 4月24日 13:30-17:00 高波动债券震荡市下的投资策略探讨 13:30-14:10 《 资金中枢重定位，曲线牛陡的做多窗 ...

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

项目组在此特别感谢公司及总部领导的大力支持，感谢资本市场部、承销支持部、 质控合规部、后续管理部、运营管理部和销售交易总部等各位领导同事的支持和帮助！ 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 2025年3月6日，由我司担任联席主承销商的重庆市国有文化资产经营管理有限责 任公司2025年度第一期中期票据成功簿记！本期债券品种一发行规模4亿元，债券期限 3年，票面利率2.50%，本期债券品种二发行规模6亿元，债券期限5年，票面利率 2.60%。 发行人主体评级AA+，是长江上游地区规模最大的综合性文化传媒企业、西部地区 文化传媒行业龙头企业以及重庆市国有文化资产和重大文化产业项目市场化、集团化经 营运作的主体之一，形成了以报刊经营、广播电视、出版物出版、图书音像与电教文化 产品发行四大文化传媒板块为核心，以网络经营业务、纸业贸易、印刷、新兴文化传媒 等为重要补充的产业布局。发行人是重庆市委、重庆市政府积极探索建立新型国有文化 资产经营管理模式、努力探索以出资人地位加强国有文化资产经营管理新途径的重要成 果，已拥有"报（报刊）-广（广播）-电（电视）-网（网络传输）-编（出版）-印 （印刷）-发 ...

临沂城市发展集团有限公司是经山东省临沂市政府批准成立的国有全资企业，于 2006年6月8日注册成立，注册资本25亿元。公司从资本运作、资产管理、项目建设、 市场拓展等方面精准发力，逐步构建起了以乡村振兴、工业科技、人才教育、文化旅 游、数字智慧、商业运营、建设开发、国际贸易、产城服务、金融金控为主的产业经营 体系。 本期债券发行工作取得了发行人的高度认可，为深化合作奠定了基础。未来，公司 将继续深化与发行人的合作，以优质的专业能力和高效的沟通协作，进一步扩展与客户 的合作广度与深度，主动融入和服务国家重大战略。 本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 近日，由申万宏源担任联席主承销商的"临沂城市发展集团有限公司2025年度第一 期定向债务融资工具"成功发行，发行人主体评级为AA+，本期债券发行期限3年期，发 行规模13.50亿元，票面利率2.38%。 ...

Core Insights - The latest rankings of the top ten listed securities firms for 2024 have been revealed, with changes in positions based on net profit attributable to shareholders compared to the previous year [1][3] - The industry is experiencing a structural shift, with proprietary trading becoming a key performance driver, while brokerage and investment banking businesses face challenges [1][5] Group 1: Ranking Changes - The top ten securities firms by net profit are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, collectively accounting for 1,064.78 billion yuan in net profit, representing 64% of the industry's total [3] - CITIC Securities leads with a significant margin, reporting 637.89 billion yuan in revenue and 217.04 billion yuan in net profit, while the other firms in the "billion club" include Huatai Securities, Guotai Junan, China Merchants Securities, and China Galaxy [3][4] - CITIC Construction Investment dropped from sixth to eighth place, while GF Securities and Guosen Securities improved their rankings to sixth and seventh, respectively [3] Group 2: Business Performance - Proprietary trading has become the "ballast" for the performance of the top ten securities firms, generating a total of 1,221.45 billion yuan, which is 38% of total revenue, an increase of approximately 6 percentage points from the previous year [5] - The brokerage business saw a recovery, with total net income from brokerage fees for the top ten firms reaching 642.86 billion yuan, a 10% year-on-year increase [5] - In asset management, five firms reported positive growth in net income from asset management fees, with Guosen Securities leading at a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [6] Group 3: Investment Banking Challenges - The investment banking sector remains under pressure, with an average decline of 30% in net income from investment banking fees across eight firms, while only GF Securities and China Galaxy reported positive growth [6][7] - The competition in the market remains stable, with CITIC Securities, Huatai Securities, and CITIC Construction Investment leading in equity financing underwriting and advisory projects [7] Group 4: Strategic Directions - Major securities firms are focusing on building first-class investment banks in 2024, with CITIC Securities planning to balance internal growth and external expansion to maintain its leading position [8] - Guotai Junan aims to leverage its stronger client base and capital utilization to enhance its competitive edge, while CITIC Construction Investment has outlined a two-step roadmap to achieve top-tier status in the industry by 2035 [8]

Core Insights - The competitive landscape of the ETF market in Shanghai remains stable, with leading institutions strengthening their advantages as of Q1 2025 [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1] Brokerage Business Performance - In February 2025, the top three brokerage firms by non-monetary ETF trading volume were Huatai Securities, CITIC Securities, and Guotai Junan, with market shares of 10.84%, 6.78%, and 6.2% respectively [2] - CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading in March, with CITIC's share rising from 6.15% to 8.42% and Dongfang's from 3.97% to 6.28% [2] - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have formed a duopoly, maintaining around 40% market share, which slightly increased to 39.38% in March 2025 [2][3] ETF Trading Accounts - Huatai Securities and Dongfang Wealth lead in the number of ETF trading accounts, holding 11.12% and 10% of the market respectively, while the second tier includes Ping An Securities, China Galaxy, and招商证券 [4] - The market shares of Guotai Junan and Haitong Securities in ETF trading accounts were 3.43% and 2.87%, respectively, indicating a stable competitive landscape [4] Market Making Services - CITIC Securities leads in the number of ETFs serviced, with 531 main market-making services, followed by GF Securities with a total of 549 services [5] - Haitong Securities experienced a drastic reduction in its market-making services, dropping from 299 to zero, following the announcement of its termination of key ETF market-making services [6]